Sacramento County, Calif., preps $245.66 million sale of pension obligation bonds

By Sheri Kasprzak

New York, Sept. 14 - Sacramento County in California is poised to bring $245.66 million of series 2011 taxable pension obligation bonds, according to a preliminary official statement.

The offering includes $176.68 million of series 2011A bonds and $68.98 million of series 2011B bonds.

The bonds (A3/BBB+/A-) will be sold on a negotiated basis with J.P. Morgan Securities LLC and Morgan Stanley & Co. LLC as the lead managers.

The 2011A bonds are due 2012 to 2023. The 2011B bonds are due 2023 to 2024.

Proceeds will be used to refund the county's series 1995A-B and 2009 taxable pension obligation bonds.

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